"The first quarter was characterized by challenging market conditions and muted client activity," said CEO James Gorman in a statement. "While we see some signs of market recovery, global uncertainties continue to weigh on investor activity."

The first quarter is typically the strongest for investment banks, but has been unusually weak this year. JPMorgan, Bank of America, Wells Fargo, and Citi have already reported first-quarter earnings, each beating or matching analyst expectations despite significant declines in profit.

The last of the major banks, Goldman Sachs, is set to report at 7:30 a.m. Tuesday.